A 20% first-day pop pushes Musk past a 13-digit milestone and forces markets to reprice space risk.

A $30 billion implied arrangement reshapes who supplies AI muscle, and how tech boards think about capacity and concentration.

The filing fixes SpaceX at 555.6 million shares at $135 apiece, while Musk still controls 82.4% of voting power and public buyers get a sliver of the float.

The Nasdaq leads a broad selloff in AI infrastructure stocks, wiping out billions and forcing a reckoning on the cost of AI compute.